The investment seeks to maximize total return through a combination of income and capital appreciation. The fund normally invests at least 80% of total assets in below investment-grade (high yield) debt securities and preferred stocks of U.S. and non-U.S. issuers, including government and corporate issuers in emerging markets. It may invest in high yield securities of any rating, including securities that are in default at the time of purchase. The fund invests in securities invests with a broad range of maturities. It is nondiversified.
